Insurer Bao Viet to list by 2008

Vietnam Insurance Corp (Bao Viet)’s shareholders meeting on October 4 passed the plan to list 8.9% its shares via the southern floor by 2008. Bao Viet includes three founding shareholders namely Ministry of Finance, HSBC and Vinashin holding 91.43% of Bao Viet’s shares, of which HSBC committed to hold onto its shares for five years and Vinashin for three-years.

Up to July, Bao Viet’s revenue reached over 4.2 trillion dong accounting for 58% of the year’s target. Of which, non-life insurance brought 1.26 trillion dong or 52% of the year’s plan, increasing 13% over the same period of last year and it earned 1.865 trillion dong from non-life insurance sector or 60% of the year’s plan, a 5% increase from the previous year. Especially the insurer earned 899 billion dong or 65% of the year’s plan from finance investments.

 

Category: Stocks